LOS ANGELES and KINGSTON, Jamaica, May 17, 2022 (GLOBE NEWSWIRE) -- NUGL Inc. (“NUGL”) (OTC: NUGL), a global cannabis lifestyle brand and technology-based multimedia platform, announced today the Kaya Group ("Kaya") posted preliminary revenues of $741,003.00 for the first four months of 2022.
For the first four months of Fiscal 2022, which include January through April, Kaya, Inc. had unaudited revenues of $741,003.00 and adjusted EBITDA of -$104,275.00. For the month of April, Kaya had unaudited revenues of $215,341.00 and positive adjusted EBITDA of $47,534.00. For the Fiscal Year ending December 31, 2021, Kaya posted unaudited gross revenues of $2.2 million, with gross margins of 61%. Adjusted EBITDA for Fiscal 2021 showed a small loss of $71,000.00. Nearing the middle of 2022, Kaya is now approaching its 4 1/2-year anniversary. Moving forward, the company plans to increase revenues by opening new markets for its cannabis brand. The combined NUGL and Kaya are currently working with a PCAOB auditor to provide audited financial statements, which will be filed on the SEC EDGAR system.
Bali Vaswani, Chief Executive Officer of NUGL and Founder of Kaya, commented, "We are very pleased with the revenues we achieved and the progress we are making building the Kaya brand. Kaya is synonymous with quality, and we plan to tap into the network NUGL has built over the years to expand into new markets. We ramped up quickly after slowing down during Covid, and we owe a tremendous amount of gratitude to the extra hours of hard work our Kaya team put in to make it possible. Our employees and our customers are truly our greatest asset."
On April 05, 2022 NUGL Inc. completed the previously announced acquisition of Kaya, Inc. in an all-stock transaction. Kaya continues to be at the forefront of the legal medical ganja industry since the Jamaican government issued the company one of two licenses for research and development in 2015. Upon receiving this license, Kaya built Jamaica’s first cultivation and extraction facility at the University of Technology. In 2018 Kaya became the first medical cannabis brand from the Caribbean to open a retail medical marijuana dispensary and herb house for the selling and consumption of cannabis on premise. In November 2021 Kaya Farms made the first commercial export of Ganja Flower to Australia.
Since being granted this valuable license by the Government of Jamaica, the Kaya team has been able to examine the effects of growing and testing a variety of strains containing high CBD and low THC. The Kaya team has also cultivated strains with high THC levels organically, while analyzing costs under three different growing conditions; outdoor, greenhouse and indoor cultivation. Kaya continues to compile data through batch testing of flower, extracts and topicals with Steep Hills Lab at the Department of Health and Sciences at UTech, and Caritox at University of the West Indies. The roots of Kaya spread beyond the cannabis supply chain, tapping into international trade and even gastronomy.
Mr. Vaswani continued, "Kaya, however, is much more than just a cannabis brand. Kaya has a role in Jamaican and cannabis history. Kaya aspires to build a brand that represents the values and duties synonymous with Jamaica. Our mission is to be a growth-oriented company for our shareholders, while paying forward the message of our ancestors that protected the plant and great reggae icons by becoming an example of pride and respect for Jamaica’s history, culture, people and nature. For us, ganja is the channel that takes a Caribbean experience to a spiritual level, creating a real connection between people and our roots. We offer an original Jamaican experience that is firmly rooted in our culture and centered around cannabis, and we invite all of our shareholders and potential shareholders to visit us, so they can become part of the experience."
Kaya was the first to open a medical cannabis location in Jamaica and has established itself as a leading supplier and supporter of medical cannabis throughout the Caribbean. Its diverse operations include a licensed cultivation facility, processing facility, 3 retail herb houses, and one ganja franchise in Punta Del Este, Uruguay. Each Kaya retail herb house can house over 1,000 patrons. For lovers of reggae who are unable to attend live performances in Jamaica, the company plans to livestream its concerts on the NUGL network. NUGL has hosted live concerts with reggae artist like Popcaan “Vanquish” Acoustic Show, Kymani Marley, Beenie Man, David Rodigan, Chronixx, Keznamdi, Jesse Royal, Jah9, Lila Ike, Protoje and Toots, and The Maytals. Jamaica and the other Caricom countries are among the fastest growing cannabis markets, as a number of Caricom countries are exploring the use of cannabis in health and wellness.
CJ Melone, Chief Operating Officer of NUGL, said, “Bali and his Kaya team have exceeded the expectations we had for the first four months of Fiscal 2022. Kaya is off to an impressive start as we merge our companies together. We look forward to continuing to support their rapid growth in 2022 and beyond, as we build the Kaya brand. The synergy between our two companies is compelling, and we are very enthusiastic about the future direction of the combined company."
About Kaya Group
Kaya is Jamaica’s leading vertically-integrated medical cannabis company with diverse operations headquartered in Ocho Rios, which includes a licensed cultivation facility with over 40 genetics, a processing facility, three retail dispensaries, and conditional licenses to transport and operate therapeutic wellness spas. The Kaya Group was the first to open a medical cannabis retail location in Jamaica in March 2018 and has since established itself as a leading supplier and exporter of medical cannabis throughout the Caribbean and Australia. For more information on Kaya please visit www.kayaherbhouse.com.
About NUGL Inc.
NUGL is a cannabis business directory and search app that offers an unbiased platform for both businesses and consumers. Our app seamlessly blends with our digital and print magazine, and our cannabis friendly multimedia platform providing marketing opportunities for business profiles, in print, digital and video format. NUGL is community-driven, and together we’ve built a place where all things cannabis can be welcomed and enjoyed by all.
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Certain statements in this press release may be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include projections of matters that affect revenue, operating expenses or net earnings; projections of growth; and assumptions relating to the preceding. Such forward-looking statements generally start with the "plans," "anticipates," "expects," "believes," or similar words of like kind. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or qualified. Future events and actual results could differ materially from those outlined in, contemplated by, or underlying the forward-looking information. The company's business plan addresses these factors in greater detail, along with NUGL's current financial filings with the OTC Markets Group.
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Source: NUGL, Inc.
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